Wednesday, April 24, 2024

Statewide: Eastern region, July 2014

STATEWIDE Eastern Region

Senator ran out of advice""

State Sen. Thom Goolsby is done in the investment-advisory business after the N.C. Secretary of State’s office revoked his registration May 21. Goolsby, a New Hanover County lawyer, also co-owned Wilmington-based Empowered Investor Inc. with James Daryl Upham. At seminars and on their local radio show, the duo promoted the “10-20-50” plan, in which an investment losing more than 10% or one earning more than 20% would be immediately sold, while no more than 50% of clients’ accounts would be invested in securities. After 10 investors sued the company last July over losses, a state investigation found the partners didn’t always follow the plan. Goolsby and Upham are barred from reapplying for securities licenses for 10 years. An Alabama native, Goolsby will not run for re-election. “I will focus on my family and law practice,” he said in a January statement. Last year, the Republican lawmaker suggested “Moral Monday” protests at the Raleigh state capitol should be renamed “Moron Monday” or “Money Monday” because so many activists rely on government support.
Pipe dreams

Richmond, Va.-based Dominion Resources is considering building a pipeline to transport natural gas from Harrison County, W.Va., to Lumberton. The company, which provides electricity to more than 120,000 customers in northeastern North Carolina, has notified landowners in the corridor along Interstate 95 and will survey land this summer. While the exact length and location of the pipeline is unknown, “it will be hundreds of miles long and cost billions of dollars,” spokesman Jim Norvelle says. North Carolina gets its gas via the Transco pipeline from south Texas. If Dominion proceeds with its project, it could be shipping gas by the end of 2018. Charlotte-based Duke Energy and Piedmont Natural Gas also have proposed a joint venture to build a pipeline in the state.



RAEFORDTyton BioEnergy Systems bought the former Clean Burn Fuels refinery for an undisclosed amount and will produce ethanol from regionally grown tobacco. The Danville, Va.-based company will invest $36 million and create 79 jobs that will pay an average annual salary of $43,671, 32% higher than the Hoke County mean. Tyton will receive up to $232,000 from the state’s One North Carolina Fund if it meets job-creation and investment targets.

TARBOROKeihin Carolina System Technology will invest $12 million to expand its plant here, adding 40 workers to its existing 334. The company, a division of Tokyo-based Keihin Corp., makes electronic, powertrain and air-conditioning systems for cars. It will receive $200,000 in local grants.

NEW BERNMaola Milk & Ice Cream will close its local milk-processing plant, idling 98 workers by July 27. Some affected employees may relocate to plants in High Point and Newport News, Va. The company, based here since 1935, will keep 30 administrative employees in New Bern.

WILMINGTONBurns & Wilcox will open an office here, its third in the state. A member of Farmington Hills, Mich.-based Kaufman Financial Group, the specialty insurance wholesaler’s North Carolina division heads its excess flood-insurance department and is involved in its condominium business. The company employs 60 at offices in Charlotte and Morehead City.

BOLIVIAEast Carolina University will open a community dental clinic here by summer 2015. Its School of Dental Medicine has clinics in Ahoskie, Elizabeth City, Lillington and Sylva and is building three more. They provide general dental services to communities with limited access to dentists.


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